Ideally, your application is submitted 4 – 6 months before your mortgage renewal date. During the lender’s review, we’ll keep a close eye on the mortgage market. If a better product or interest rate becomes available, we’ll let you know, even if it means switching lenders.
Step 4: Financing
Once your new mortgage is approved:
The lender sends the required funds to your lawyer
Your lawyer pays off your old mortgage and places the new one
New lenders will often pay all legal and appraisal fees